The share of participation of
national companies in the development of all new large fields in Kazakhstan
should amount to 50 percent and higher. It is noteworthy that large fields are
those with geological reserves of over 100 million tonnes of oil and more than
50 billion cubic meters of gas. The members of Kazakh Mazhilis adopted those
and other amendments to the Code on Subsoil and Subsoil Use in the second
reading. Also, the new norms are aimed at reducing administrative procedures
for subsoil users from six to two months. At the same time, thanks to the
package of preferences for investors in the improved model contract, the
country is already experiencing the investments growth in the industry. Legislative
innovations will allow to annually attract up to 200 billion tenge of
investment in geological exploration, as noted by Mazhilis members. That will make
it possible to increase production volumes, even in depleting deposits, by
about 60 million tonnes by 2045.
“According to experts, a
quantitative assessment of the hydrocarbon potential estimated at 76 billion
tonnes of standard fuel was carried out in 15 sedimentary basins of Kazakhstan.
A significant part of the resources are projected in Devonian and pre-Devonian
deposits in the Caspian region, with 64 billion tonnes coming from the Caspian
basin, and this is a huge number. Therefore, we need to intensify geological
exploration,” said Yedil Zhanbyrshin, member of Mazhilis, Lower House of Kazakh
Parliament.
